What affects the price of Bitcoin? Evidence from game theory and machine learning

Abstract

To explain the volatility of the Bitcoin price, a total of 23 elements from four domains (Bitcoin-related indicators, financial market, exchange rates and commodities, and social sentiment) were collected. With the application of machine learning and game theory, experimental results demonstrate that S&P 500 is the most significant factor on the Bitcoin price and the safe haven effect of Bitcoin for the stock market failed when the Bitcoin price rose and the COVID-19 spread.